Title: Market Structure

Essay Details

Subject: Business
Author: Michael S
Date: August 9, 2015
Level: University
Grade: A
Length: 3 / 804
No of views: 0
Essay rating: good 0, average 0, bad 0 (total score: 0)

Essay text:

(2.) Each firm produces and sells a homogeneous product. (3.) Buyers and sellers have all relevant information about prices, product quality, sources of supply, and so forth. (4.) Firms have easy entry and exit. A pure competitive firm is a price taker. A price taker is a seller that does not have the ability to control the price of the product it sells; it takes the price determined in the market...

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A price taker is a seller that does not have the ability to control the price of the product it sells; it takes the price determined in the market. The pure competitive firm is a price taker because a firm is restrained from being anything but a price taker if it finds itself one among many firms where its supply is small relative to the total market supply, and it sells a homogeneous product in a an environment where buyers and sellers have all relevant information...

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